Summary by Moomoo AI
Joby Aviation, a developer of electric vertical take-off and landing (eVTOL) aircraft, has reported its financial results for the first quarter ended March 31, 2024. The company saw a slight increase in revenue from flight services, earning $25,000 compared to no revenue in the same period the previous year. However, operating expenses rose significantly, with research and development costs increasing by 53% to $115.6 million, and selling, general, and administrative expenses growing by 25% to $30.3 million. This led to a loss from operations of $145.9 million, a 46% increase from the previous year. Despite this, total other income netted a positive $51.3 million, primarily due to a favorable change in the fair value of warrants and earnout shares. The net loss for the quarter was $94.6 million, a 17% improvement...Show More